Ally Bank was founded in May 2009. Before becoming Ally Bank, the company was part of GMAC Financial Services, and the recent restructuring of GMAC paved the way for Ally to branch off as an Internet bank. Unlike many big banks in America, Ally does not have any retail banking locations. Instead, members conduct all of their account maintenance online or on the phone.

A member of the FDIC, Ally does not offer any personal lending services, but it does offer online account options. Ally ranked No. 1 among money market accounts and No. 2 in one-year CDs in Bankrate’s Top Tier Quarterly Winners for Consistently High Yields in the fourth quarter of 2009.

Online banking with Ally Bank includes:

  • Checking.
  • Savings.
  • Money market.
  • CDs.

Fee-free banking

While Ally Bank has no personal banking centers or Ally-operated ATMs, the bank allows users to remove money from any ATM in the country without paying any fees. The bank also reimburses any fees that customers incur from the bank that owns and operates the ATM. There are no minimum balances, no deposit requirements and no monthly fees for customers of Ally Bank, either.

CD options

Customers can choose from high-yield CDs, raise-your-rate CDs and no-penalty CDs at Ally Bank based on how quickly they want to grow their money and if they want the ability to withdraw their funds. Bankrate includes Ally Bank’s no-penalty CD option in this discussion of the value of no-penalty CDs from other banks.

The Ally Bank corporate headquarters are located here:

6985 Union Park Center

Midvale, UT 84047

To contact the corporate headquarters, call (801)790-5000. To use the customer service department’s toll-free number, call (877)247-ALLY (2559). Online users can also use the live chat feature to ask questions.

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